Israel Shipyards Secures Major Deal for Naval Vessels and Services
Translated & summarized from Ice by baba
Israel Shipyards has signed an 80 million euro deal with the Ministry of Defense to supply naval vessels and services to a foreign government client. Deliveries are expected within 30 months, with an option for additional work valued at 13 million euros. The company is also progressing on a 2.4 billion shekel project to build five advanced corvettes for the Israeli Navy. CEO Eitan Zuker highlighted the deal as a testament to the company's capabilities and client trust.
The story in 5 lines · by baba
- Israel Shipyards signed an 80 million euro deal for naval vessels and services with a foreign government client.
- The agreement includes supplying a new vessel and integrating systems on an existing one.
- Deliveries and work are expected to be completed within approximately 30 months.
- The company is also building five advanced corvettes for the Israeli Navy in a 2.4 billion shekel project.
- CEO Eitan Zuker cited the deal as reflecting client trust in the company's capabilities and experience.
Israel Shipyards announced on Monday that its subsidiary, the company of the same name, has signed a significant agreement with the Ministry of Defense. The deal, valued at approximately 80 million euros, is for the supply of naval vessels and various services to a foreign government client. This contract is part of a broader agreement between the Israeli Ministry of Defense and the foreign governmental customer, with deliveries and work completion expected within 30 months.
The agreement follows preliminary discussions reported by the company in July 2026. Under its terms, Israel Shipyards will provide a new vessel equipped with systems and mechanical infrastructure for additional systems. The company will also offer logistical support services and perform system integration on an existing vessel within the client's fleet, which Israel Shipyards previously built and supplied. The contract includes an option for installing mechanical infrastructure and systems on the existing vessel for an additional 13 million euros.
Payment terms stipulate an advance of 24% of the total value, with the remainder paid upon reaching agreed-upon milestones. Concurrently, Israel Shipyards is continuing its 'Reshef' project, which involves building five advanced corvettes for the Israeli Navy. This 2.4 billion shekel project, initiated by the Ministry of Defense in December 2024, aims to bolster Israel's domestic defense production capabilities. The Reshef corvette is designed to serve as the Navy's new fast attack vessel.
Eitan Zuker, CEO of Israel Shipyards, stated that the new agreement reflects the returning client's ongoing trust in the company's capabilities, unique knowledge, and extensive experience. He emphasized the importance of long-term customer relationships and continued support throughout the lifecycle of the vessels for the company's growth. In related news, Israel Shipyards recently completed the institutional phase of its first bond offering, attracting significant demand and increasing its fundraising to 200 million shekels.
